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Estonia to get 400-mln-euro EIB investment

Xinhua, December 8, 2016 Adjust font size:

Estonia will receive 400 million euros (426 million U.S. dollars) of investment from the European Investment Bank (EIB), as it signed the second portion of a co-financing facility with EIB on Thursday.

The EIB loan will help Estonia absorb the European Union (EU) structural funds during the period 2014-2020, the Luxemburg-based bank said in a statement.

The first tranche of the co-financing facility, worth 200 million euros, was signed in December of 2014.

The investment aims to support Estonia's research and innovation, sustainable transport infrastructure and the promotion of the development of the country's micro, small and medium-sized enterprises (SMEs).

"The combined use of EIB loan and EU grant money supports sustainable economic growth and helps further improve quality of life for the people of Estonia," said Jan Vapaavuori, the EIB vice-president responsible for lending in Estonia.

Estonia has decided to increase investments in order to improve the competitiveness of the Estonian economy, said Minister of Finance Sven Sester. Endit